TWENTY-ONE of China’s provinces have set up 52 firms to invest public funds, the Economic Information Daily said yesterday.

The move comes after China said at the end of 2016 it would allow local governments to meet “reasonable” funding requirements to support economic growth this year, even as it sought to curb burgeoning debt and rein in credit growth.

The firms have been set up by State-owned Assets Supervision and Administration Commissions (SASAC) at the provincial and city levels and will be investing State funds, the paper said.

SASACs in Shanghai, Zhe-jiang, Sichuan, and Heilongjiang already have plans for investment firms, it said.

The Shanghai firm will set up a fund to invest 6.25 billion yuan (US$930.47 million) in innovative tech firms, the paper said, adding that the firm will have a total of 30 billion yuan to invest.(SD-Agencies)